Posted: Jan 8, 2010 7:37 AM by Associated Press
Updated: Jan 8, 2010 7:37 AM
Employers cut 85,000 jobs in the United States in December, more than 10-times what the Labor Department had predicted. The Obama Administration thought just 8,000 jobs would be lost. The unemployment rate remains at 10 percent, because so many people have given up trying to find work.
Once people stop looking for jobs, they are no longer counted among the unemployed.
Revisions to the previous two months' data showed the economy actually generated 4,000 jobs in November, the first gain in nearly two years, while it lost 16,000 more than previously estimated in October.